It was an assuaging May Day speech to workers who have had little education about their future source of livelihood – the pension fund.
President Akufo-Addo’s speech to Ghanaian workers yesterday expectedly touched on this sore and often misunderstood subject and its related social security segment. The impasse upon which the subject has hinged remains outstanding and chequered until the President’s fiat to the minister, as contained in our lead story today.
His fiat to the relevant minister to resolve the impasse within three months was just apt. Others holding his position could have just given the order without a time limit giving leeway to the appointees to continue to avoid addressing the impasse. The ultimatum has come at a time when workers take talks from political leaders with a pinch of salt.
President Akufo-Addo has walked his talk so far about matters he has made promises about. That is why he is able to flaunt the records of his achievements whenever the opportunities to do so crop up. Workers should therefore look up to a different management of the pension scheme under the leadership of President Akufo-Addo whose commitment in terms of working for the interest of workers is not in doubt.
It is our wish that the relevant players would work within the three-month ultimatum from the President.
It was equally important that the President expressed concern about the plight of workers when they retire from active work. It is even more serious on the part of those who served in the informal sector before going home. The burgeoning arrangements to address these fault lines are heartwarming.
While their pensions have not been able to cater for their special needs of old age, the little workers entitled to are so miniscule that we wonder just what this can do for them at a time when they should be benefitting from such entitlements.
We are glad to observe however that the President has showed verifiable interest in the subject having taken the pains to ask for the education of workers about what the new pension arrangements are.
It is when workers understand what awaits them in old age and efforts being put in to reverse the old order that their morale would be raised to a level which would boost productivity.
The relevant players in the management of pensions especially the private bodies should join hands in spreading the word about what the new pension arrangements entail as rightly demand by the President.
The absence of such education would not serve the interest of the new pension arrangement.
A lot has been done in the past few years in the pension regime of the country but an accompanying education in that direction has not been forthcoming. This shortcoming makes him vulnerable to the machinations of preying politicians.